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Alexandria City Manager Jinks on The City of Millenials (Audio) · Bloomberg Intelligence

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  Speaker 1: Broadcasting live to New York, Bloomberg eleven Brio to Washington,
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  Speaker 1: d C. Bloomberg to Boston, Bloomberg twelve hundred to San Francisco,
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  Speaker 1: Bloomberg nine to the Country Channel one, and around the
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  Speaker 1: globe the Bloomberg Radio Plus appen Bloomberg dot Com. This
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  Speaker 1: is taking Stock. Coming up on taking Stock Alexandria, Virginia.
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  Speaker 1: Is it a city of the millennials? Well, we also
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  Speaker 1: know that it is a city in the successful television
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  Speaker 1: and movie The Walking Dead. So we'll talk to someone
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  Speaker 1: who knows a little bit about the Alexandria, Virginia. That's
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  Speaker 1: all coming up on our special live broadcast on the
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  Speaker 1: Keptain Morrison House Hotel just right in the center of
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  Speaker 1: Old Town in Alexandria, Virginia. Let's get back to Bloomberg
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  Speaker 1: World headquarters now in New York City for a look
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  Speaker 1: at the latest business news with our own Charlie Pellett.
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  Speaker 1: All right, thank you very much, Kathleen Hayes, thank you.
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  Speaker 1: Pim Fox Stocks are extending lawsuit just under thirty minutes
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  Speaker 1: to go ahead of the close. We have got hit
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  Speaker 1: his stocks getting loads of the session right now. Amid
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  Speaker 1: growing speculation that the Federal Reserve sees firm lelf economic
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  Speaker 1: growth to raise rates as soon as June. The Dow
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  Speaker 1: down two hundred nineteen points, the drop there of one
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  Speaker 1: two percent, SMP five hundred index down twenty three points,
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  Speaker 1: the drop of one point one percent, and as stackdown
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  Speaker 1: sixty five points, a drop of one point four percent.
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  Speaker 1: Gold up five sixty ounce to twelve seventy nine, a
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  Speaker 1: game of point four percent. Brian Belski is chief investment
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  Speaker 1: strategist that Demo Capital Markets. He says, the pessimism is overdone.
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  Speaker 1: We are skating. If you're a hockey player, We're skating
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  Speaker 1: with their heads down. We are so scared if everything
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  Speaker 1: and we are reacting on what happened last quarter. Look,
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  Speaker 1: we're talking about filings for first quarter. I don't know
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  Speaker 1: if you know this or not, but it's may indeed
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  Speaker 1: that his Federal Reserve report out today finds US manufacturing
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  Speaker 1: rose in April four the first time in three months.
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  Speaker 1: Total industrial production including minds and utilities advanced seven tenths
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  Speaker 1: of one percent, the most since November two thousand fourteen.
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  Speaker 1: You home construction up in April, extending a pattern in
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  Speaker 1: of gains and losses that signals the US home building
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  Speaker 1: industry is contributing little to economic growth. Home Depot down
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  Speaker 1: the most in three months after executive said same store
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  Speaker 1: sales gain shrank as the first quarter progressed. Home Depot
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  Speaker 1: down three percent, the tenure yield one point seven crude
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  Speaker 1: seventy three cents of arrolt A game narrow one and
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  Speaker 1: a half percent three thirty two on Wall Street. Now,
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  Speaker 1: let's look at other news from around the world on
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  Speaker 1: Bloomberg Radio. Thank you Charlie from the Bloomberg News Room.
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  Speaker 1: On David Gura. This news update is brought to you
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  Speaker 1: at your local Jeep dealer. Today, the Senate is voted
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  Speaker 1: to allow families of nine eleven victims to sue Saudi
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  Speaker 1: Arabia for any role the government may have played in
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  Speaker 1: the terror attacks. The House must still act on the bill,
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  Speaker 1: but White House spokesman Josh Ernest says President Obama would
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  Speaker 1: not sign it, concerned it would give foreigners the ability
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  Speaker 1: to sue the US given the concerns that we have
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  Speaker 1: expressed its difficult pre mention the president signing this legislation
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  Speaker 1: that continues to be Voters in Kentucky and Oregon are
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  Speaker 1: at the polls today casting ballots and their state primaries.
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  Speaker 1: Bernie Sanders says, voter turnout is crucial and our close
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  Speaker 1: usual problems for us of the SUTs that they are
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  Speaker 1: closed primaries and independence not allowed the vote. Something that
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  Speaker 1: I picked up will make a lot of sense for
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  Speaker 1: those laws of rules. Although Hillary Clinton's lead over Sanders
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  Speaker 1: is almost insurmountable, Sanders has won the last two primaries.
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  Speaker 1: How Speaker Paul Ryan says he and likely Republican nominee
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  Speaker 1: Donald Trump are continuing to discuss how best to unify
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  Speaker 1: the Republican Party. For heading the kind of conversations that
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  Speaker 1: are necessary to make sure that we are unifying around
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  Speaker 1: are commonly held principles and policies. Federal investigators are blaming
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  Speaker 1: last year's deadly and tractor railment in Philadelphia on a
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  Speaker 1: train engineer who was distracted by radio communication and a
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  Speaker 1: lack of equipment that could have automatically slowed the train
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  Speaker 1: as it went over the speed limit. The crash killed
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  Speaker 1: eight people. A federal appeals court is delaying the release
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  Speaker 1: of a list of co conspirators in the two thousand
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  Speaker 1: thirteen George Washington Bridge Lane closing scandal. The ruling calls
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  Speaker 1: for a June six hearing to decide whether to release
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  Speaker 1: the list. Global News twenty four hours a day, powered
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  Speaker 1: bureaus around the world for the Bloomberg Newsroom. I'm David Guray, Charlie,
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  Speaker 1: and we thank you and again recapping stocks lor SMP
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  Speaker 1: down twenty three points a drop of one point one percent.
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  Speaker 1: I'm Charlie Palaton. That's a Bloomberg Business flash. This is
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  Speaker 1: taking Stock with Kathleen Hayes and Pin Fox on Bloomberg Radio,
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  Speaker 1: continuing our special live broadcast on the Kinton Morrison House Hotel.
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  Speaker 1: We are in the heart of Old Town, which is
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  Speaker 1: the historic center of Alexandria in the Commonwealth Virginia, right
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  Speaker 1: across the river from Washington, d C. And of course
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  Speaker 1: the Washington metro area is the home of Bloomberg and
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  Speaker 1: one or five point seven f m h D two,
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  Speaker 1: a city of more than a hundred fifty thousand people,
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  Speaker 1: a budget of over half a billion dollars, a workforce
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  Speaker 1: of more than dred employees, and a challenge to keep
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  Speaker 1: this area growing attracted tourists, attractive business that you want.
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  Speaker 1: This is the job of our next guest. Mark Chinks,
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  Speaker 1: city manager for the City of Alexandria, will thank you
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  Speaker 1: for joining us today. It's good to be here. So,
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  Speaker 1: first of all, how long you've been city manager and
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  Speaker 1: what exactly does the city manager do in Alexandria. I've
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  Speaker 1: been city manager about a year and a half h
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  Speaker 1: city manager basically is the CEO of the city government.
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  Speaker 1: We have a council manager form of governments, that's an
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  Speaker 1: elected city council who sets policy uh and as city manager,
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  Speaker 1: I'm responsible for managing the bureaucracy to carry out that policy.
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  Speaker 1: And you have a long history in this field, yes,
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  Speaker 1: at forty years in state and local government. In twenty
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  Speaker 1: years the CFO of of ten years of this organization
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  Speaker 1: and ten years of in the neighboring jurisdiction. Tell us
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  Speaker 1: about Alexandria and the report the City of Millennials tell
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  Speaker 1: us about there's a demographic uniqueness here in Alexandria. Well,
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  Speaker 1: you know, millennials seek what's authentic and you can't get
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  Speaker 1: anything more authentic than a city that has UM five thousand,
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  Speaker 1: eighteen and nineteenth century buildings that we've preserved UH and
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  Speaker 1: it's a great environment. UM. We have a lot for
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  Speaker 1: millennials wanting to start their own business. We have a
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  Speaker 1: lot of small spaces upstairs from these colonial UH and
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  Speaker 1: in nineteenth century buildings. We have an atmosphere. We have
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  Speaker 1: a big arts community and that spawned at advertising, public relations,
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  Speaker 1: political consulting. Also, we're at the home to Virginia Tech's
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  Speaker 1: Architecture School where they're at their fifth year. They're architecture
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  Speaker 1: students come up here and we're the home of their
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  Speaker 1: landscape design UH school as well. So Alexandria is a
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  Speaker 1: place that has has attracted highly educated UH workforce, and
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  Speaker 1: UH it's one that UH has also attracted. We've got
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  Speaker 1: we're got good transit system. We've got four stops on
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  Speaker 1: the metro system. So millennials that are working for the
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  Speaker 1: federal government are working for an eight UH an I
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  Speaker 1: T firm or some of the downtown we've got a
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  Speaker 1: place where they can live urban and have immediate access
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  Speaker 1: to downtown Washington, d C. How do the prices for
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  Speaker 1: apartments for rentals for buying a home. Compare in Alexandria,
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  Speaker 1: if you or versus across the river one of the
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  Speaker 1: popular DC neighborhoods. UH, they're probably comparable. Uh. This is
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  Speaker 1: a wide range in the city. Uh. It is on
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  Speaker 1: the the middle of the high end of this metropolitan
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  Speaker 1: region because we're close in immediately cross the river from Washington,
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  Speaker 1: immediately south of Reagan National Airport. UH, so we have
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  Speaker 1: good transportation access. And UH they were also building smart growth,
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  Speaker 1: So we're building our new developments basically targeted around our
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  Speaker 1: metrorail stations. UH. And we've seen millennials. Uh. It gives
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  Speaker 1: them new new housing. At the same time they've got
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  Speaker 1: access to uh well the oldest, most historic cities in
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  Speaker 1: the United States and access to via the metrorail system
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  Speaker 1: to the entire Washington region. Tell us about the plans
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  Speaker 1: and investments at the waterfront in the old town and neighborhood,
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  Speaker 1: and then maybe give us a little bit of a
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  Speaker 1: taste of what's going on. For example, National Science Foundation
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  Speaker 1: new headquarters. The waterfront is where Alexander started. We are
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  Speaker 1: a port city and have been since the beginning of
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  Speaker 1: the um eighteenth century. UH. And over time it became
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  Speaker 1: very industrial like a lot of American cities that turned
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  Speaker 1: our backs to the to the water. UH used the
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  Speaker 1: waterfront areas industry, and about thirty years ago forty years
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  Speaker 1: ago there the planning started for basically to to reverse that.
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  Speaker 1: Part of that is the rivers are much cleaner than
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  Speaker 1: they used to be UH and and people wanted to
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  Speaker 1: get access to the river. So through the redevelopment process,
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  Speaker 1: we've been requiring developers to basically open up the areas
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  Speaker 1: between their UH as they build new buildings, create walkways
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  Speaker 1: and parks along the river. And UH this past several years,
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  Speaker 1: we've been buying up the remaining parcels. We have a
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  Speaker 1: number of missing links and we are um filling those,
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  Speaker 1: filling those in. We are one of the opera down
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  Speaker 1: landscape architects the United States. UH orelan to basically redesign
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  Speaker 1: our waterfront and as far as because we believe it
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  Speaker 1: should be access for the people who visit here the
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  Speaker 1: people who live here. UH and so we're build thing
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  Speaker 1: a number of parks and some of the warehouse spaces
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  Speaker 1: that are left are being turned into UM excuse development.
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  Speaker 1: So in your forty plus years in urban planning in
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  Speaker 1: public administration, state and local, being so close to what's
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  Speaker 1: actually happening. What's what's the biggest change you've seen? What's
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  Speaker 1: it because lesson you've learned. I think the biggest change
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  Speaker 1: uh the last number of decades has been the impact
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  Speaker 1: the metrorail system has had on the Washington Entrepolitan area. UH.
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  Speaker 1: It has opened up areas for development and redevelopment UH
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  Speaker 1: as people look to want I think the other big
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  Speaker 1: trend across the US if people want to live urban
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  Speaker 1: uh and you can't get anything more urban than Alexandria
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  Speaker 1: and some of the inner suburbs of d C. UH
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  Speaker 1: and we have basically used transit to to enhance that.
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  Speaker 1: Thank you very much. Market Jinx is the city manager
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  Speaker 1: of the city of Alexandria, Virginia. You're listening to taking
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